Analytics / Forex News
Gold turns positive, tests 10-DMA
10:46 31 March /2016 Forex
Gold turned positive amid losses in the European stocks, but is struggling to take out 10-DMA hurdle seen at $1232 levels.
Supported at $1223
Prices turned higher from the session low of $1223 levels and the recovery gained momentum after European equities opened lower. The major indices are now trading more than 1% lower on the day.
However, the metal is struggling to take out 10-DMA hurdle. On a large timeframe the metals activity looks surprising as dovish Fed, falling rate hike bets and dollar weakness has failed to trigger a rally in metal.
Gold Technical Levels
The immediate hurdle is noted at $1232 (10-DMA), above which prices could test $1244.12 (previous days high). Acceptance above the same would expose $1270.93 (Mar 17 high). On the other hand, support is noted at $1223.25 (previous days low) and $1215 (Mar 29 low). A break lower would expose $1200 (zero figure + falling channel support on the daily chart).
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Jane Foley, Senior FX Strategist at Rabobank, attributes most of the recent move lower in EUR/USD to broad-based USD strength, the fact that EUR has underperformed the yen and the majority of other G10 currencies this month adds credence to the view that it is exhibiting some independent weakness.
15:00 24 October /2016 Forex
The now offered bias around the greenback is allowing EUR/USD to regain the 1.0900 neighbourhood after dropping to 1.0860 in early trade.EUR/USD firmer ahead of US data, FedspeakSpot finds some relief after market par
14:46 24 October /2016 Forex